Insurance

TECHNOLOGY LEADERSHIP FOR THE INSURANCE INDUSTRY

The insurance industry is being challenged by a fast changing world, driven by transformational technology developments such as easy access to open source frameworks, scaled cloud computing and development on-demand have lowered barriers to entry in the insurance industry.

New players who quickly innovate are taking advantage of this opportunity. Are you? Providing for clients in times of emergency and protecting their most valued assets is what you do best. It’s time you do the same for yourself.

Fortium Partners has a deep concentration of insurance industry IT leaders who operate as trusted advisors to help you make informed plans and decisions.

Why Fortium?

We are seasoned CIOs and CTOs averaging more than 25 years of experience. Our mission is to help the insurance industry transform into a leading 21st century business that continues to thrive, adapt and innovate in the complex digital world.

Fortium provides the path and tools to navigate this shifting technological environment. We stand ready to engage with industry clients – illuminating the possibilities, identifying viable opportunities and linking to strategic investments essential for success. We reenergize insurers to navigate the new insurance ecosystem that is now taking shape.

Fortium Partners offers a powerful combination of seasoned experience and market knowledge to navigate the challenges facing insurers. Technology waits for no one. If you’re going to dominate your market, your IT infrastructure must work for you, not against you.

You need more than IT consultants. You need leadership. Fortium can help.

Fortium has the solution to common insurance vulnerabilities:

Core legacy systems replacement projects are often large in scope and transformational in nature, but entail significant risk due to sheer size, scope creep, and the dangers of selecting the wrong solution.

Mobile apps and access are now a consumer expectation. Navigating this challenge successfully can place significant new demands on insurers and their support organizations.

Big data and business analytics, in particular warehouse and business intelligence tools, have become increasingly capable. This trend, combined with the ability to gather increasing amounts of data, both structured (traditional databases) and unstructured (emails, social media, etc.), presents the opportunity to derive meaningful business information that can be harnessed to drive profitability. Doing so requires cutting edge tools and skills.

Cybersecurity threats posed by the increased sophistication of hackers and malware have created unprecedented levels of risk, both in potential systems downtime and corruption, as well as data theft and fraud. New security protocols and tools must be applied to strengthen your security position.

Quicker value, better results, lower risk

As veteran IT executives, we focus on achieving the most value in the least amount of time. Unlike traditional consultants, we don’t use extended time on the ground and unnecessary staff to solve problems. We use our decades of experience and high-level perspective to deliver the answers you need to make an informed decision. So before you start a transaction, start a conversation with us.

The diagnostics you need in terms you understand

Fortium Partners examines the 20 most relevant components of the IT organization and, for each area, provides you with the critical information you need: what we found, how it impacts your organization, and what you should do about it.

The resulting report will equip you with: a clearer view of true operating costs, a clear view of significant IT needs and risks, as well as potential solutions and costs.

Recent successes

For a regional P&C insurer, a Fortium partner assumed program management responsibilities for a $24 million core system replacement project, designed to migrate 15 lines of business from an aging mainframe platform to a leading-edge web-based system. Fortium triggered aggressive vendor management actions to address resource allocation issues and delayed deliverables.

For an insurance holding company, a Fortium partner planned and executed the consolidation of $100 million of acquired business onto corporate policy, billing and claims systems.

For a multi-line insurer operating in 30 states, a Fortium partner championed implementation of a web-based policy rate/quote/issue front-end system for the independent agency force, together with new credit-scored auto/home rating plans.

For a major multi-line insurer, a Fortium partner facilitated implementation of claims cost containment and litigation management systems, resulting in $10 million savings in loss costs/expense in the first year.

For a regional workers’ compensation insurer, a Fortium partner helped reduce annual IT spending from $11 million to $7.5 million.